Pune, Oct. 26, 2020 (GLOBE NEWSWIRE) -- The global wood flooring market size is expected to showcase considerable growth by reaching USD 41,682.2 million by 2027. This is attributable to the increasing government support to promote wood products for construction activities and the surging demand for consumer-friendly building designs that propel the demand for advanced solutions globally. This information is published by Fortune Business Insights, in its latest report, titled, “Wood Flooring Market Size, Share & COVID-19 Impact Analysis, By Application (Residential and Commercial), and Regional Forecast, 2020-2027.” The report mentions that the market stood at USD 33,279.5 million in 2019 and is likely to exhibit a CAGR of 3.6% between 2020 and 2027.
Refurbishment of Home Spaces amid COVID-19 to Augment Growth
The novel coronavirus has halted the construction activities owing to the government guidelines to maintain social distancing. With people confined at their home spaces, home renovation activities have gained momentum. This is expected to favor the growth of the global market in the forthcoming years.
Wood flooring is a type of flooring that uses wood to fulfill the consumer’s demand for aesthetic, comfort, and looks during construction of buildings or home spaces. The growing demand for sustainability in the construction sector, while designing buildings is propelling the adoption for wood parquets across the globe.
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List of the Leading Companies Profiled in the Global Wood Flooring Market are:
- Mohawk Industries, Inc. (U.S.)
- Armstrong Flooring, Inc. (U.S.)
- Shaw Industries Group, Inc. (U.S.)
- LL Flooring (U.S.)
- Junckers Industrier A/S (Denmark)
- British Hardwoods (UK)
- Connor Sports (U.S.)
- Tarkett S.A. (France)
- Boral (Australia)
- Daiken Corporation (Japan)
- Kährs Holding AB (Sweden)
- Barlinek S.A. (Poland)
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Government Support to Promote Wooden Products to Surge Demand
The extensive adoption of constructional products such as gravel, cement, steel, and plastic leads to environmental stress. The growing demand for the adoption of sustainable products is propelling the government to promote wood products that are natural and easily decomposable. This is expected to drive the demand for advanced wood flooring solutions across the globe. In addition to this, the adoption of consumer-friendly design that appeals aesthetically is anticipated to bode well for the growth of the global market in the forthcoming years.
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SEGMENTATION
Residential Segment to Hold Major Market Share
The residential segment, based on application, is expected to showcase significant growth owing to the increasing demand for lumber-based wood flooring products for residential projects across the globe.
REGIONAL INSIGHTS
Favorable Government Policies to Promote Wood Products in Asia-Pacific to Aid Growth
Among all the regions, Asia-Pacific stood at USD 19,665.1 million in 2019 and is expected to hold the largest global wood flooring market share in terms of revenue in the forthcoming years. This is attributable to the favorable government policies that promote the adoption of wood as raw materials in the construction industry in the region.
The market in Europe is expected to experience significant growth backed by the growing focus of companies to develop heat compatible wood flooring products in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Key Players Focus on Partnerships to Expand Their Product Portfolio
The global wood flooring market is fragmented by the presence of major companies that focus on establishing partnerships to expand their wood flooring portfolio and gain a competitive edge over their rivals. The other key players are adopting strategies such as collaboration, the introduction of new products, and merger and acquisition that will contribute to the market growth in the forthcoming years.
Industry Development
January 2020 - Junckers Industrier A/S announced its association with Turkish Airlines EuroLeague Final Four by becoming its official partner. The company informs that according to the partnership it will provide A3 Premium Portable Sports Wood Flooring that is produced by using beech timber and has received a FIBA Level 1 approval.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Wood Flooring Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Wood Flooring Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Value and Volume)
- Residential
- Commercial
- By Region (Value and Volume)
- Americas
- Europe
- Asia Pacific
- Rest of World
- By Application (Value and Volume)
TOC Continued…!
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"wood" - Google News
October 26, 2020 at 04:58PM
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Wood Flooring Market to Reach USD 41,682.2 Million by 2027; Owing to Increasing Demand for Consumer-Friendly Wood Products Worldwide, reports Fortune Business Insights™ - GlobeNewswire
"wood" - Google News
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